Vornado permitted larger J.C. Penney stake

J.C. Penney Co Inc. (NYSE: JCP) is allowing Vornado Realty Trust to take a larger share in the Plano-based company.

Vornado already was one of the department store’s largest shareholders.

J.C. Penney had limited Vornado, but now is allowing it to own as much as 15.4 percent, according to a filing with the U.S. Securities and Exchange Commission. Vornado, whose chairman, Steve Roth, sits on Penney’s board, would have voting power limited to 9.9 percent.

In August, J.C. Penney allowed William Ackman’s Pershing Square Capital Management to increase its share of the retailer to 26.1 percent.